| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $81M | $112M | $84M | -27.9% | -3.9% |
| Op. Income | $46M | $49M | $43M | -6.0% | 8.2% |
| Gross Margin | 70.6% | 77.4% | 70.1% | -6.9pp | 0.4pp |
| Net Margin | 55.0% | 52.5% | 48.1% | 2.5pp | 6.8pp |
| EPS (Diluted) | $0.47 | $0.63 | $0.44 | -25.4% | 6.8% |
| Free Cash Flow | $58M | $28M | $40M | 111.1% | 46.0% |
| Item | Amount |
|---|---|
| REVENUE | $81M |
| Cost of Revenue | $24M |
| GROSS PROFIT | $57M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | $7M |
| Operating Expenses | $11M |
| Cost & Expenses | $35M |
| OPERATING INCOME | $46M |
| Interest Income | $102M |
| Interest Expense | $24M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $46M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $45M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $45M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $45M |
| D&A | $0 |
| EBIT | $46M |
| EBITDA | $46M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $81M |
| Cost of Revenue | $24M |
| GROSS PROFIT | $57M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | $7M |
| Operating Expenses | $11M |
| Cost & Expenses | $35M |
| OPERATING INCOME | $46M |
| Interest Income | $102M |
| Interest Expense | $24M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $46M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $45M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $45M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $45M |
| D&A | $0 |
| EBIT | $46M |
| EBITDA | $46M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $45M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$6M |
| Change in Working Capital | $20M |
| OPERATING CASH FLOW | $58M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$389M |
| Sales/Maturities of Investments | $315M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$74M |
| Net Debt Issuance | $102M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$43M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $60M |
| FREE CASH FLOW | $58M |
| Net Change in Cash | $44M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $83M |
| Short-Term Investments | $0 |
| Net Receivables | $31M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $133M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $3.4B |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $3.4B |
| TOTAL ASSETS | $3.5B |
| Account Payables | $0 |
| Short-Term Debt | $300M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $300M |
| Long-Term Debt | $1.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $55M |
| TOTAL NON-CURRENT LIABILITIES | $1.6B |
| TOTAL LIABILITIES | $1.9B |
| Common Stock | $952.0K |
| Additional Paid-In Capital | $1.5B |
| Retained Earnings | $92M |
| Treasury Stock | -$10M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.6B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.6B |
| TOTAL LIABILITIES & EQUITY | $3.5B |
| Total Debt | $1.8B |
| Net Debt | $1.8B |
